Treasuries are slightly lower across the curve this morning from yesterday'sclose. The UST10-Year yield is currently at 2.201% after closing at 2.186% prior.
Yesterday North Korea launched another missile over Japan that put the U.S. territory of Guam in range. The missile test came days after the United Nations approved harsher sanctions against North Korea. Despite this headline, markets largely overlooked the event showing that investors have become accustomed to North Korea's provocations. Safe haven assets actually weakened overnight as treasury yields inched higher, gold tumbled, and the Yen fell against every major currency.
In economic news, we received the Empire Manufacturing print for September, which edged just slightly lower to 24.40 from 25.20 prior, showing no slowdown in manufacturing activity. We also received the Retail Sales for August which came in weaker than expected across the board largely affected by Hurricane Harvey. Retail Sales Advance fell 0.20% following a downwardly revised 0.30% increase prior. Retail Sales Excluding Auto rose just 0.20% versus an expected increase of 0.50% per consensus, and Retail Sales Excluding Auto and Gas fell 0.10% following an unrevised 0.50% rise prior.
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Yesterday North Korea launched another missile over Japan that put the U.S. territory of Guam in range. The missile test came days after the United Nations approved harsher sanctions against North Korea. Despite this headline, markets largely overlooked the event showing that investors have become accustomed to North Korea's provocations. Safe haven assets actually weakened overnight as treasury yields inched higher, gold tumbled, and the Yen fell against every major currency.
In economic news, we received the Empire Manufacturing print for September, which edged just slightly lower to 24.40 from 25.20 prior, showing no slowdown in manufacturing activity. We also received the Retail Sales for August which came in weaker than expected across the board largely affected by Hurricane Harvey. Retail Sales Advance fell 0.20% following a downwardly revised 0.30% increase prior. Retail Sales Excluding Auto rose just 0.20% versus an expected increase of 0.50% per consensus, and Retail Sales Excluding Auto and Gas fell 0.10% following an unrevised 0.50% rise prior.
The curve has bear-flattened with the UST 10-Year up 1.5 bps from prior closing.
Have A Lovely Weekend!